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Mortgage Rates Manage Modest Gains Amid Market Volatility; Housing Survey Optimism; Price Gains Slowed in May

Mortgage Rates Manage Modest Gains Amid Market Volatility; Housing Survey Optimism; Price Gains Slowed in May

Mortgage rates put in a more mixed performance today, owing to volatility in underlying markets. The day began well, following overnight improvements in global bond markets. To oversimplify, investors were guarding against risk by selling stocks and buying bonds. Excess demand for bonds leads to higher prices and lower yields. Mortgage-backed-securities (MBS) are a major part of the bond market in the US, and when Treasury yields are moving lower, mortgage rates tend to follow. That said, mortgage rates don't always follow in lock-step, especially when Treasuries are moving in response to global economic risks like those at center stage in Europe. Overnight gains were enough to push rates to their lowest levels of the month this morning. At that point, a majority of lenders had moved down to
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